2 houses - same agent !! HELP!!

LouLouHelen

Hi

We have had an offer accepted on a house and on receipt of the valuation are concerned about a few issues. We have written to the sellor and asked for her to confirm if she will undertake to rectify these issues. We have not heard from her for over a week.

We have since seen another property in the same road on with the same agent and have been to view it. We really like it, actually prefer it because there aren't these things that need doing to it - we can move it as it is.

The problem is that the 2nd house is on with the same agent - how do we best explain our position to the agent? Where do we stand with the sellor and our solicitors with regard to the original house if we pull out? Is it that much of a problem for the agent as he is earning from us whether we buy house 1 or house 2?

Would really appreciate any advice or suggestions.

Thanks

Louise

frugal_dougal_3

No problem. You just tell everyone concerned that you have changed your mind, which you are perfectly entitled to do.

Ian_W

Personally I don't see a problem, you're not committed to any sale/purchase until exchange of contracts.

Go in & tell the EA what's happened, make an offer on prop 2 and if it's accepted withdraw your offer on prop 1 - or maybe wait until after the survey on 2 to do that.

Let your sol know what's happened and not to incur any further costs on prop 1. You'll have to stand extra sol's costs if they've done searches etc on prop 1, but in the grand scheme of things it shouldn't be too much. Better than buying a house when you know one up the road is better suited to your equirements.
Best of luck.

deemy2004

As above, change your mind and go with the other property, though you will likey get a better deal on the first one.

xueta

Just out of interest, did you approach the vendor of the second house directly or did you go through the agent? If directly approached... this is really unethical, but... if you have a good rapport with the second vendor maybe you can agree a purchase privately (i.e. without involving the estate agent and without the 2nd vendor incurring agent's commission - the vendor just tells the agent that he has changed his mind and wants to take it off the market). You then tell the agent that you have to pull out of the 1st house purchase because of 'problems'.

Beware this is risky and you may end up losing the 1st house when this is really what you want, and you could end up with lots of brassed off people if found out!!! Just a thought, though.

Ian_W

xueta wrote: ... this is really unethical, but...

Yes, it is, so I personally wouldn't do it - hate people who try to cheat or lie to me so I wouldn't join 'em. EA's get a largely deserved bad rep, but if they've found a buyer, they've earned their money from the vendor. If I do work for someone I get very cross if they don't pay, so I don't cheat other people who are simply earning a living.

Rant aside, what will you gain? Few hundred quid splitting EA's commission with the vendor? EA's do have ways of finding out and as you've offered on one of their other props on the same road, if their sign's outside prop 2 they'd have a legit claim against the vendor and no doubt sue. Your call, but not for me!

xueta

Ian_W wrote:

...EA's get a largely deserved bad rep, but if they've found a buyer, they've earned their money

But if the estate agent isn't involved and hasn't introduced the buyer then he/she hasn't earned the money!!

xueta

Ian_W wrote:

...Rant aside, what will you gain? Few hundred quid splitting EA's commission with the vendor?

With the average house price now in excess of £250K in some areas (I'm thinking of London), the EA's commission is more like several thousand pounds. In fact, with our last sale the EA's commission was nearly £7000, whilst the solicitor's fees were less than one-tenth of that - this actually prompted our solicitor to take on estate agency services. Much more lucrative and no training required. Ironic, isn't :rolleyes: it?

Ian_W

xueta wrote: But if the estate agent isn't involved and has introduced the buyer then he/she hasn't earned the money!!

Then it wouldn't be unethical - which you suggested it was. If the house is on sole agency any seller is entitled to find their own buyer, I've gone that route in the past with internet ads. BUT OP has viewed & offered on prop with same EA on same street, if prop 2 has a sign outside - bingo!

When you paid £7k, you knew what they'd charge and agreed to it, they found you a buyer which was their job, so what's your problem? No-one forced you to go with that EA, or for that matter any, if you didn't want to pay you should have advertised and sold privately.

I go back to my point, if I do work for someone I expect to get paid, don't see why I should treat people who I employ differently. There again, you're from London so nothing should surprise me, but I bet you'd be first in the queue if somebody tried to cheat you!!

LouLouHelen

Thanks - this is making me feel a bit better about it all. We really do prefer the 2nd house and the fact that it is on with the same agent does mean that he would get paid for 2nd house if we went through with that one instead. He has also sold my house so he is earning out of that as well.

Don't want to make an enemy of estate agent as its not good do work up front and not get paid!

So how shall I word it to the agent on Tuesday? - don't want him thinking that if he convinces 2nd owner not to take my offer then we will just stick with 1st house.

Louise

Doozergirl

If you have been to view the property with the agent since making your offer on house 1 and they think house 2 is better presented too, then they may well expect that you will change your mind.

If you explain exactly what you said in your original post - you're not the sort of buyer that wants to take on work (which many people aren't), then they will understand. It's then up to them to get you an offer accepted on house 2 or work things through with the owner of house 1. If they will definately get a sale, then they won't really mind - after all, it's not personal to them is it?

They know you're not mucking around - not many people would go to the time and expense you already have if they weren't really planning on buying...